Suntec REIT’s Q1 DPU, distributable income down

Suntec Real Estate Investment Trust (Suntec REIT) said its first quarter distribution per unit (DPU) fell 13.9 per cent to 2.51 cents from 2.92 cents a year ago.

Distributable income for the quarter ended March 31 dipped 2.1 per cent to S$45.37 million on-year.

Suntec Reit added that its net property income also fell 2.7 per cent to S$47.8 million from S$49.2 million in the same quarter a year ago.

Gross revenue also fell 3.8 per cent to S$62.5 million in the quarter.

Suntec Reit attributed the decline in revenue to the lower office and retail revenue posted in the quarter.

Gross revenue from its office segment fell 2.9 per cent to S$29.3 million in the first quarter on the back of lower revenue from its office space in Suntec City.

Meanwhile, lower revenues from its retail space in Suntec City Mall also caused it gross retail revenue to fall some 4.6 per cent to S$33.1 million.

Looking ahead, Suntec REIT expects continuing challenges in both the office and retail sectors.

However, given the economic recovery trend, the reit manager said it remains cautiously optimistic of its prospects this year.

Source : Channel NewsAsia – 27 Apr 2010

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